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Pradhan Mantri Awas Yojana PMAY – Subsidy Details – How to apply?

Pradhan Mantri Awas Yojana PMAY – Subsidy Details – How to apply?

Raviraj Parekh May 17, 2020

Pradhan Mantri Awas Yojana

One of the basic requirement of every human being is a house. However purchasing an own house in India is like a dream come true for many individuals.  In India, only high-income group and few middle-class people can afford to purchase a house. A lower income group has no option or very few option for the housing. To address this issue the government of India has taken a major step towards launching Pradhan Mantri Awas Yojana PMAY or housing for all scheme. This scheme will ensure that people will get a house based on their financial capacity. In this post, we will learn about Pradhan Mantri Awas Yojana (PMAY) and Subsidy Loan applicable under this scheme.

What is Pradhan Mantri Awas Yojana (PMAY)?

Pradhan Mantri Awas Yojana Scheme is an affordable housing scheme launched by the government of India. The vision of this scheme is to provide pucca house with water connection, toilet facilities, and 24×7 electricity supply to every family by 2022. The year 2022 is selected because by that time nation completes 75 years of its independence.  The basic objectives of this scheme are given below.

Also Read – Pradhan Mantri Vaya Vandana Yojana Plan 842 – Review

Objectives

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  • Loan Against Property – Should you opt?
  • To provide affordable housing for weaker section through credit link subsidy scheme
  • Affordable housing in partnership with public and private sectors
  • Slum rehabilitation
  • Subsidy for beneficiary-led individual house construction /enhancement.

Target Group

  • Poor people of India belonging to Lower Income Group (LIG) and Economically Weaker Section (EWS) group.

Scope of Scheme – Across India

Launched by – Prime Minister Narendra Modi

Eligibility Criteria-

You are eligible to apply for a house under Pradhan Mantri Awas Yojana (PMAY) if you are from Low-income group, Economically Weaker Section group or Mid Income Group.

Low Income Group (LIG) – LIG households are defined as households having an annual income between 3 Lakh to 6 Lakh.

Economically Weaker Section (EWS) – EWS households are defined as households having an annual income up to 3 Lakh.

Mid-Income Group-1 – Individual with house hold income between 6 Lakh to 12 Lakh falls under this group.

Mid-Income Group-2 – Individual with house hold income between 12 Lakh to 18 Lakh falls under this group.

Another condition is that you should not have any house on your name.

If you are fulfilling above two conditions you can apply for PMAY.

Also Read – Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana

Subsidy Loan- Credit linked subsidy scheme

The subsidy loan under Pradhan Mantri Awas Yojana is known as a credit linked subsidy scheme. This scheme is available at a majority of public and private sector bank such as canara bank, bank of India, ICICI bank etc.

  • Under this scheme Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5 % for a tenure of 15 years or during tenure of loan whichever is lower.
  • The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
  • Credit Linked Subsidy loans can be availed for new construction and addition of rooms, kitchen, toilet etc., to existing dwelling as incremental housing.
  • Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component.
Credit Link Subsidy Scheme Subsidy Details
Lower Income Group/Economically Weaker Section
  • Max Carpet Area – 30 to 60 Square Meter
  • Maximum Loan amount for Subsidy – 6 Lakh
  • Subsidy on Interest 6.5%
  • Maximum Subsidy Amount 2.67 Lakh
  • Loan Period – 20 Years
Mid-Income Group 1
  • Max Carpet Area – 90 Square Meter
  • Max Loan Amount eligible for Subsidy -9 Lakh
  • Subsidy on Interest 4%
  • Maximum Subsidy Amount 2.35 Lakh
  • Loan Period 20 Years
Mid-Income Group 2
  • Max Carpet Area – 110 Square Meter
  • Max Loan Amount eligible for Subsidy -12 Lakh
  • Subsidy on Interest 3%
  • Maximum Subsidy Amount 2.30 Lakh
  • Loan Period 20 Years

How to apply for Pradhan Mantri Awas Yojana (PMAY)? – Online Method

There forms for applying under Sum Dwellers and other three category is different.

Online Application process for Lower Group Category (Sum Dwellers)

Step 1 – Log in to the official website of PMAY ( http://pmaymis.gov.in/)

Step 2 – From the Top menu bar click on the option “Citizen Assessment.”

Step 3 – From the Drop Down Menu select the option “slum dwellers.”

Step 4 – On the page that appears, you will have to enter your Aadhaar Number and your name, as put forth in your Aadhaar card. In case you do not have your Aadhar Number, you will have to provide your virtual ID.

Step 5 – Once you enter the details you will be redirected to the main application page. Enter the required information such as residential and permanent address, residential income, ownership details of your existing houses.

Step 6 – Check terms of the agreement & enter the proper captcha code that appears on screen. Click on the “Save” option to get your application acknowledgement details recorded on this website.

Online Application process for LIG/EWS,MIG-1 & MIG-2 Category 

Step 1 – Log in to the official Pradhan Mantri Awas Yojana website.

Step 2 – From the Top navigate menu bar, click on the option marked “Citizen Assessment.”

Step 3 – You will see drop down option select the “Benefit Under Other 3 Components”

Step 4 –  Furnish the details like your Aadhaar card number and your name on the page.If you do not have the Aadhaar card number, you will need to enter your virtual ID.

Step 5 – You will be taken to the new page, where you will have to enter all relevant personal information like your annual household income, residential and permanent address, etc.

Step 6 – Check the terms of the agreement at the bottom of the page & enter the captcha code that appears and register the details provided with the website.

Make sure to keep all documents ready before starting the process. You will need Aadhaar, PAN, residential proof, Income proof, Affidavit stating that you don’t have any pucca house, Approved plan for construction, NOC by society, letter of property allotment & receipt of advance payment made.

It generally takes 3-4 months to complete verification and receiving subsidy amount in your account.

How to apply for Subsidy Home Loan under PMAY? – Offline Method

Follow steps given below to apply for Subsidy Home Loan under PMAY scheme.

  • In order to apply subsidy home loan under PMAY you need to fill up Individual Home Loan application form.
  • Once you complete the form you can submit form directly or through the local ULB. You need to attach self declaration affidavit as a proof of income.
  • Final decision on subsidy and loan will be taken by bank (Prime lending agency).
  • Bank submits this claim detail to CNA (Central Nodal Agency).
  • Central Nodal Agency will release subsidy claim amount to bank.
  • Credit link subsidy deposited by bank to beneficiary loan account.

Subsidy Applicable to PMAY

Under this scheme, you can avail following subsidy benefits.

  • A Subsidy will be granted to EWS and LIG group under this scheme. The value of subsidy will be in the range of 1 Lakh to 2.3 Lakh. This subsidy will be directly given by central government.
  • Government loan up to 6 Lac for the period of 15 years or less will be provided for affordable housing.
  • In addition to subsidy amount you can also avail home loan with a lower interest rate under this scheme. The subsidized interest rate under this scheme is 6.5%.
  • Female member will get preference of allotment of a house under this scheme.

Final Thoughts

Launching affordable housing scheme is a welcome step by the government and it will surely help Low Income Group people in making their own house.

Let’s hope that by 2022 every individuals of India has basic living facility called as a house.

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Tags:how to apply pmay PMAY Pradhan Mantri Awas Yojana Pradhan Mantri Awas Yojana scheme subsidy pmay

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

46 Comments

  1. Rakesh Verma

    I have taken a home loan from India Bulls in April-2016, can I take benefit of subsidy under PMAY.

    September 20, 2016
  2. Raviraj Parekh

    Dear Rakesh,

    The benefit of PMAY should be taken before availing loan. After availing loan you can not take/apply for PMAY benefits.

    September 24, 2016
  3. Milind Narvekar

    Hi my name is milind narvekar, Below are the query

    1.On whose name i should fill the from,
    2.If, i fill the from on the name of Father then Me & my wife is cover or not under credit link subsidy

    December 26, 2016
  4. magesh

    dear sir,
    Most of the banker have no idea about this subsidy i taken loan from axis

    February 2, 2017
  5. Raviraj Parekh

    You can fill form on the name of person who is in low income group. If you fill the name on the name of your father you and your wife will not be covered.

    August 31, 2017
  6. Tapan Kumar Biswas

    I am Tapan Kumar Biswas. I have taken a home loan (Rs. 11,00,000) under PMAY Scheme on 09.08.2018 but till today I did not get subsidy .
    If I would get subsidy, how can I use subsidy in my home loan. Pl direction me

    February 15, 2018
  7. Meghaben bhratbhai limbdiya

    Dear, sir
    Most of the banker have a no idea about sabsidy i take a loan canera bank surendranagar branch plz solutions

    February 21, 2018
  8. pr

    mere loan ko one year se jyada ho gya hai mujhe abhi tak subcidy nahi mila hai, maine icici bank se pmay ke under loan liya tha, please mujhe koi batayga…………..

    apka subh

    March 17, 2018
  9. Raviraj Parekh

    Hi,

    You must have loan agreement for subsidy.I think you should check at ICICI bank for further information.

    March 19, 2018
  10. PAWAN MEHRA

    Is there any online processs

    May 17, 2018
  11. RAJU VERMA

    dear sir,
    I have taken home loan from gic finance ltd, between 2017-18, could i claim 2.5 lakh PMAY SUBSIDY from this finance company.please help as i below lig group.

    RAJU VERMA
    9718299527

    June 5, 2018
  12. rajesh

    Sir

    I have been sanctioned a housing loan amount of 30 lakhs from SBI. And as a part of my installment bank sanctioned 3 lakhs so i wish to apply for pmky scheme ..may i know what is the procedure for that.I applied along with a co-aplicant and the property is in my name ..

    June 21, 2018
  13. Kumar vimalendu shekhar

    my income is Rs 8lac per annum.i have taken loan from union bank of india amounting Rs 8lac on 2014 may I avail subsidy under PMAY.

    July 17, 2018
  14. Natwar

    क्या मकान खरीदने पर सब्सीडी प्राप्त करने के लिए क्या महिला का नाम रजिस्ट्री मे होना आवश्यक है! महिला नही होने पर पुरुष को 15 लाख का लोन10 वर्ष के लिए लेने पर सब्सीडी की पात्रता आती हैं या नहीं !

    August 6, 2018
  15. Raviraj Parekh

    Dear Natwar,

    It is mandatory to keep women name in registry. AS per guidelines of Pradhan Mantri Awas Yojna PMAY any house that is acquired by the assistatance of Central Governtment Grant/Subsidy the ownership should be in the name of Female Head of the house hold or in the joint name of Female head of the house hold. Only if there is no adult female in the household the house so aquired can be in the name of the male.

    August 6, 2018
  16. abhishek jain

    Hi, I have taken home loan from SBI and it’s about 1 yr to be completed but till now I haven’t got any subsidy.
    I am taking follow-up with SBI GM also bit hey are also unable to proyany status .

    Can anyone pls help.

    Regards

    August 6, 2018
  17. Raju

    hi,

    I have recently purchased resale flat where my mother is the first owner and i am the 2nd / co owner and loan is taken from ICICI BANK.

    Can i avail the PMAY scheme and how to claim the subsidy?
    What will be subsidy amount, if i claim?
    Do i need to show my income proof as my mom is housewife?

    Thanks in advance.
    Regards,
    Raju

    September 2, 2018
  18. Shitanshu Kapadia

    Kindly check if financial institution from where you have taken loan have applied for PMAY subsidy or not.To avail of the subsidy under EWS and LIG category, woman ownership is mandatory.

    September 3, 2018
  19. Shitanshu Kapadia

    You need to ask Banker about loan under PMAY.

    September 3, 2018
  20. Shitanshu Kapadia

    No online process for PMAY yet.Your banker will apply for PMAY after loan is disbursed.

    September 3, 2018
  21. Shitanshu Kapadia

    Dear Raju,

    To avail of the subsidy under EWS and LIG category, woman ownership is mandatory. Please confirm property is owned by Woman.

    September 3, 2018
  22. Shitanshu Kapadia

    Dear Abhishek,

    SBI has to apply on your behalf for this subsidy based on your eligibility.Once it is approved you will get subsidy amount in your loan account.

    September 3, 2018
  23. Shitanshu Kapadia

    The scheme classifies applicants into economically weaker sections (EWS) and lower income groups (LIG), with an income of up to Rs 6 lakh an annum for a household, and middle income group (Rs 6 lakh-Rs 18 lakh annual income).If you are in this category you can apply for PMAY via ICICI Bank.

    September 3, 2018
  24. Shitanshu Kapadia

    Dear Kumar,

    You can apply for PMAY as you are in Middle income group. However, chance of getting subsidy is low as first preference is given to EWS and lower income group.

    September 3, 2018
  25. Shitanshu Kapadia

    Dear Rajesh,

    Bank has to apply on your behalf.You need to request bank.You can not directly apply

    September 3, 2018
  26. Sudhanshu

    i applied for PMAY subsidy but unable to get it’s benefit. Bank always told that please wait we donot have any option to check about it’s progress. what i need to do

    October 3, 2018
  27. VIKASH BHATIYA

    Hi Sir

    I took loan from ICICI Bank but still now i did not get PMAY Subsidy amount. Please help

    January 14, 2019
  28. Raviraj Parekh

    Dear Vikash,

    When you have applied for PMAY? Pls provide complete details.

    January 16, 2019
  29. Urmila Sharma

    I am Urmila Sharma. I’m taken a home loan (1900000) under lichfl pmay scheme Apr 2018 but not received subsidy. Please refund my subsidy
    Loan account. No. 2121003597
    LICHFL

    January 19, 2019
  30. Poonam Shah

    Hi,

    My name is Poonam Shah.

    My query w.r.t. this scheme is as under:

    Facts:
    1. Currently, Me or My husband, none of us own any house in India.
    2. My personal income is 0;
    3. My husbands income is 18 Plus Lacs.

    Query:

    Since My husbands income is mored than 18 Lacs, I understand he can not avail this subsidy despite of the fact that he doesnt own a house in India.

    Is it possible for me to buy a house in my name and loan payment can be done by him.

    January 22, 2019
  31. salman

    i need to apply pmay
    my income in more than 19 lac per year
    but profit is under 3.8 lac
    mujhe mile ga

    January 25, 2019
  32. Heena b girnari

    Helo sir i take loan from. Indian bank 12.50 lacs almost 1 year complete but cant get subsidy even form also submit

    January 28, 2019
  33. komala. S

    I am Komala.S I have taken a home loan (Rs. 7,00,000) in Syndicate bank Feb .2016 but till today I did not get any information from the bank. i enquired but they told u r not eligible. please give direction, i would get subsidy?

    January 30, 2019
  34. Raviraj Parekh

    Hello,

    If bank is saying not eligible they must have checked with the norms.Kindly check with low income group criteria.You are fulfilling this norm or not.

    January 30, 2019
  35. ketur rana

    Hi,

    i apply home loan at may’2016 at the time i not apply PMAY can i apply now ?

    January 31, 2019
  36. Viviyan

    Hi,
    I have a plan to built house. I have 1 Plot with Patta. When(Stage) can i apply PMAY scheme.Any suggestion please,,,.

    February 9, 2019
  37. Raviraj Parekh

    Hello Sudhanshu,

    You can go through https://pmaymis.gov.in/ website and check beneficiary list.

    February 10, 2019
  38. Raviraj Parekh

    Hello Urmila,

    You need to contact LICHFL authority to know further details.

    February 10, 2019
  39. Raviraj Parekh

    Hello Poonam,

    As your family does not meet condition for PMAY you can not apply for loan under this scheme. You can apply for normal loan and purchase the house.

    February 10, 2019
  40. Raviraj Parekh

    No Salman, You will not get loan under PMAY.

    February 10, 2019
  41. Raviraj Parekh

    No You can not apply for PMAY now.

    February 10, 2019
  42. Raviraj Parekh

    Hello Viviyan,

    You can apply for PMAY for the construction of the house.You can apply at the initial stage of construction.

    February 10, 2019
  43. Raviraj Parekh

    Hello Heena,

    Please check with bank authority for further details.

    February 10, 2019
  44. Arun Kumar Mishra

    मुझे प्रधानमंत्री आवास योजना के तहत आवास चाहिए ।मुझे क्या करना होगा बताने की कृपा करें।

    March 3, 2019
  45. kulkanri GA

    I take a loan from SBI, Malshiras, Solapur in Maharashtra of Rs 3000000/- and i enquire about PMAY in bank but process is not know to bank also hence you are requested to help me about process of application

    August 13, 2019
  46. Raviraj Parekh

    Dear Mr.Kulkarni, Please try online at PMAY Urban site.

    August 13, 2019

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